Your filing status can affect your tax brackets, your standard deduction amount, and eligibility for certain credits. This episode walks through the most common filing statuses, what often trips people up, and why life changes can impact the best choice.Not sure which filing status is right for you? Visit elevate-wealth.com and click Let’s Talk.#Taxes #TaxPlanning #ElevateWealthAdvisory

Single, joint, head of household. Does filing status really change my taxes? Let's break it down today on Elevate Wealth. Welcome to Elevate Wealth. I'm Jose Colmenarez, and I'm here with our president and CEO, Deanne Rosso. Thank you for being here, Deanne. Glad to be here, Jose. Deanne, give us the 411. How does filing taxes impact the return, and what trips people up? Sure. So, your tax filing status is really important. And when we say filing status, what we mean is are you single, married filing jointly, married filing separately, head of household. So all of those are different types of filing statuses, and those things can impact your tax brackets, your standard deduction, and your eligibility for certain credits. So making sure that you choose the right filing status for your situation is really important. Head of household sounds confusing. Who qualifies? Yeah, that is that's a kind of confusing one, and it's one that's not often used, but someone is considered head of household if they are unmarried and they pay more than half the cost of keeping up the home, and if they have a qualifying person living with them. And by qualifying person, they're paying more than half of that person's expenses, as well. So, the rules are really specific with head of household, and you've got to be sure you get it right. But, you know, major life changes can dictate filing status changes. So, marriage, divorce, death, all of those things could be a reason to re-evaluate what your filing status is each year. Great breakdown, Deanne. Filing status changes your bracket, your deduction amount, and limits your eligibility for certain credits. That's right. So, it's not something to guess on. Absolutely. If you've had a life change and you want to make sure you're filing the best way for your situation, we're always available to help. Visit elevate-wealth.com and click let's talk. See you next time.

Tax credits and tax deductions both help at tax time—but they work differently. Learn how deductions reduce taxable income, how credits reduce your tax bill, and why understanding the difference can lead to real savings.Want a second set of eyes on your tax planning opportunities? Visit elevate-wealth.com and click Let’s Talk.#Taxes #TaxPlanning #ElevateWealthAdvisory

AGI and taxable income sound similar, but they impact your return in different ways. This episode covers how AGI is calculated, how taxable income is determined, and why lowering AGI can help you qualify for valuable deductions and credits.Have questions about planning moves that may reduce AGI? Visit elevate-wealth.com and click Let’s Talk.#Taxes #TaxPlanning #ElevateWealthAdvisory

What is the standard deduction, and when does it make sense to take it instead of itemizing? This episode breaks down how the standard deduction works, what impacts the amount you can claim, and when itemizing may be worth a closer look.Ready to talk through your specific situation? Visit elevate-wealth.com and click Let’s Talk.

Lower taxable income while supporting favorite causes. Deanne Rosso and Rob Fezekas of Elevate Wealth Advisory explain Qualified Charitable Distributions (QCDs) from Traditional IRAs: age rules, eligible accounts, direct-to-charity requirements, annual limits, and how QCDs can satisfy Required Minimum Distributions (RMDs) without increasing taxable income.Key points:-QCD eligibility (age 70½+), account types, and annual limits-Why “direct to charity” matters (no DAFs)-Coordinating QCDs with RMDs, Medicare brackets, and Social Security taxationWant a tax-aware giving plan? elevate-wealth.com → “Let’s Talk.”#AthensGA #AthensWealthAdvisor #FinancialPlannerAthens #QCD #RMD #RetirementIncome #TaxPlanning #WealthManagement #IRA #CharitableGiving #GeorgiaRetirement

What is a Donor-Advised Fund (DAF) and when does it make sense? Elevate Wealth Advisory's Deanne Rosso and Rob Fezekas cover DAF basics, funding options, how grants work, and why “bundling” several years of giving into one tax year can help more households clear the itemizing hurdle while maintaining flexible giving over time.You’ll take away:-DAF structure: fund now, grant later-Which assets are eligible (cash, stock, more)-Using a DAF for “bundling” strategiesExplore a DAF or a personalized giving plan: elevate-wealth.com → “Let’s Talk.”#AthensGA #AthensWealthAdvisor #AthensFinancialPlanner #DonorAdvisedFund #DAF #CharitablePlanning #TaxStrategy #WealthManagement #OconeeCounty #GeorgiaFinance

Can charitable gifts be deducted—and how do you maximize the benefit? Elevate Wealth Advisory's Deanne Rosso and Rob Fezekas explain the itemizing hurdle, how the higher standard deduction interacts with OBBBA’s SALT cap change, and a powerful strategy: donating appreciated assets to avoid capital gains while potentially deducting fair market value.Highlights:-When itemizing beats the standard deduction-Donating appreciated stock/ETFs/real estate: how it works-Record-keeping essentials for tax timeTalk through your gifting strategy: elevate-wealth.com → “Let’s Talk.”#AthensGA #AthensWealthAdvisor #AthensFinancialPlanner #InvestmentPlanner #TaxEfficientGiving #AppreciatedAssets #CharitableDonations #WealthManagement #FinancialPlanning #GeorgiaTaxes #OBBBA

How will the One Big Beautiful Bill Act (OBBBA) affect charitable giving in 2025 and 2026? Elevate Wealth Advisory’s CEO Deanne Rosso and Director of Investment Policy Rob Fezekas break down what matters: the temporary increase to the SALT cap for 2025 and new rules arriving in 2026 (including a limited deduction for non-itemizers and a 0.5% AGI floor for itemizers). Learn what to track this year, what to save, and how timing could influence deductions.What you’ll learn:-2025 SALT cap change and why more households may itemize-What’s changing in 2026 for non-itemizers and itemizers-Practical tips for record-keeping and timing giftsNeed help aligning giving with your plan? Visit elevate-wealth.com and click “Let’s Talk.”#AthensGA #AthensWealthAdvisor #AthensFinancialPlanner #InvestmentAdvisorAthens #OconeeCounty #CharitableGiving #TaxPlanning #SALTCap #OBBBA #WealthManagement #RetirementPlanning #FeeOnlyPlanner #GeorgiaFinance